Worried about Defaulted debt

[Bloomers83]

Hopefully the posts make sense, last year I emailed lowell zinc and arrow about my personal circumstances. I was worried about the next steps and unsure of what to do next.

Lowell Zinc AIC are the only ones in contact currently.

I haven't paid anything off any of them

I did an expenditure excersise on Lowell portal last year to show thst I simply couldn't afford anything.

As mentioned before I'm not sure what to do going forward, hence being here with you knowledgeable people, I have worked out with step change an affordability plan and they recommend an iva or dmp.

There are 2 debts that I have jointly with my wife Tesco loan and Nationwide overdraft. She hasnt had any correspondence from either of them other than a 6 month statement. I read you can do a joint IVA but it doesn't offer this on stepchange.

Any advice, pointers would be much appreciated i dont want to go to court but really not sure where to go.

Thank you

[Still Waving]

Hi

That's good, but can you please also insert into each of those posts, the original debt owners as well as the current (in some cases you have), and what the recent correspondence has been saying. That way we will have a better idea of where you are.

I would think that, given the dates of account opening, most of these are likely to be enforceable, sadly.

[Still Waving]

Hopefully the posts make sense, last year I emailed lowell zinc and arrow about my personal circumstances. I was worried about the next steps and unsure of what to do next.

Lowell Zinc AIC are the only ones in contact currently.

I haven't paid anything off any of them

I did an expenditure excersise on Lowell portal last year to show thst I simply couldn't afford anything.

As mentioned before I'm not sure what to do going forward, hence being here with you knowledgeable people, I have worked out with step change an affordability plan and they recommend an iva or dmp.

There are 2 debts that I have jointly with my wife Tesco loan and Nationwide overdraft. She hasnt had any correspondence from either of them other than a 6 month statement. I read you can do a joint IVA but it doesn't offer this on stepchange.

Any advice, pointers would be much appreciated i dont want to go to court but really not sure where to go.

Thank you

You have done part of the work in working out an affordability plan. Does it leave you with a realistic amount for daily living and reasonable expenses, plus an ability to save for a contingency pot for unexpected expenses?

EDIT:
last year I emailed lowell zinc and arrow about my personal circumstances. I was worried about the next steps and unsure of what to do next.

Did you get any response to your contact?

[Bloomers83]

Hi Still Waving again thank you for your feedback.

I've edited the original posts.

With the letters to the debt agencies I outlined my mental health and dealing with my terminally ill father, and not having the capacity to cope with everything. Even now it feels embarrassing knowing what state ive got into.
the response was generally put the account on stop for 30 days, 60 days then to get back in touch. Which time elapsed and the calls and letters particularly from Lowell being the main ones.

As for budgets on the step change website it worked out thst I could pay around 200 pounds per month, leaving enough to live and put an emergency fund away too.

I'm just unsure of what to do. Whether an IVA is a good option or a dmp, however with a dmp I will paying it until I'm pushing up daisy's.

I'm also concerned about court, and with the time elapsed Im not sure when that will come, especially with not hearing from some of the larger debts on here for quite some time.

I have started a new job and am half way through a probation period. Things look positive however cant guarantee thos will be made permanent.

And a joint IVA is that something that can be done? And how strict are they?

thank you so much for your response so far, it is genuinely much appreciated typing this at 5 am as can't sleep with this going over in my head.

[Still Waving]

Until your job security is established (as far as any job can be), you probably don't want to be entering into a formal payment arrangement. Certainly not an IVA, which is binding on both parties. Once your probation period is over, then you may want to consider either a DMP or IVA. That can only be your decision. As your comment above suggests, I think you have found that with a IVA, a good proportion of your debt gets written off after 5/6 years, which is not the case with a DMP. I'm no expert on IVAs, and there are pro s and con s to them.

Regarding the accounts where you have heard nothing for a while, I should not worry for now, just keep a low profile.

When I was in deep trouble with my debts, I contacted Payplan and had a long discussion with one of their people, after which they contacted all my creditors and set up a DMP with them on my behalf. This was useful, as it took away the worry and strain of having to do it myself. After a while on this DMP I discovered AAD, and then decided to cancel my arrangement with Payplan and took over management of my accounts myself. Everyone's situation is different, and it comes down to personal choice as to what one is most comfortable with.

The short answer may be - for now, deal with each individual account situation as it arises, and don't worry about those you are not hearing from, they have to contact you before they can commence any legal action. (Have you changed your address in recent years?)

We can try to help you deal with any letters you may be getting over the next few months.

(Just as an afterthought - we here tend not to be fans of DMP providers, as they are funded by the very people we owed money to, but they do have their uses, as I mentioned. Certainly do not use one which charges any fees.)

[Still Waving]

Did you also look into Debt Relief Orders?